Bidenomics and Its Contradictions

Jake Sullivan, President Joe Biden’s national security adviser, is usually preoccupied with threats from abroad, like the Russian invasion of Ukraine or China’s designs on Taiwan. In April, however, in a speech at the Brookings Institution, he took aim at what he sees as a threat from within, an idea that has reigned for too long among elites in Washington: that “markets always allocate capital productively and efficiently.”